Financial and sustainability discussion

Sales, earnings, and cash flow grew strongly in 2010. Overall demand was high in the enzyme business, and costs were kept under control. Novozymes met all financial targets for 2010, and we showed good progress on our sustainability performance.

2010 key performance (DKK) Sales growth 15% EBIT growth 25% EBIT margin 21.8% Net profit growth 35% Free cash flow before acquisitions DKK 998m Net investments excl. acquisitions DKK 1,326m ROIC 22.2% Water efficiency (compared to 2005 index) 29% Energy efficiency (compared to 2005 index) 30% Reduction in CO2 emissions through our customers' application of our products (million tons) 40    Frequency of accidents with absence per million working hours 4.1

The following section presents the realized financial, environmental, and social data for the year. An overview of data and key figures can be found in Accounts and Key figures, while an overview of reporting in accordance with the Global Reporting Initiative (GRI) guidelines can be found under Supplementary reporting.